Senate Approves Buhari’s $5.5bn Loan Request, House Approves $23bn

The Nigerian government’s revenue projections have been greatly impacted by the fall in crude oil prices and the outbreak of the COVID-19 pandemic.

Senate President, Senator Ahmed Lawan / Photo credit: dailynigerian.com
Senate President, Senator Ahmed Lawan / Photo credit: dailynigerian.com

The Senate has given its approval for President Muhammadu Buhari’s $5.513bn external loan request to finance the revised 2020 budget.

The Nigerian government’s revenue projections have been greatly impacted by the fall in crude oil prices and the outbreak of the COVID-19 pandemic.

President Buhari had last week written to the Senate requesting for the loan.

Senator Clifford Odia presented the report for consideration on behalf of the Senate Committee on Local and Foreign Debts before it was approved.

The House of Representatives also on Tuesday approved the request by the president to borrow foreign loans $22.79bn, which had been rejected last year.

The Senate on March 6 had already given its approval for the loan.

The loan is part of the 2016–2018 Federal Government External Borrowing Plan.

Written by The Interview Editors

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